 |
 |
| | May 23, 2007
Terrane Metals Corp. Announces Terms of Offering
|
| | Vancouver, British Columbia: Terrane Metals Corp. (TSXV: TRX) (the "Company") announced today that it has entered into an underwriting agreement with a syndicate of underwriters led by Canaccord Capital Corporation and including Genuity Capital Markets, Haywood Securities Inc. and Blackmont Capital Inc. to sell 30,800,000 units at the price of $0.65 per unit and 6,250,000 flow-through common shares at the price of $0.80 per flow-through common share "(the "Securities")" to raise gross proceeds of $25,020,000 pursuant to a short form prospectus (the "Offering").
Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable for a period of 5 years into one common share of the Company at the price of $0.85 per common share. The Company has granted the underwriters an over-allotment option to purchase that number of additional units equal to up to 15% of the Securities sold pursuant to the Offering, exercisable at any time up to 30 days from the closing of the Offering. The Offering is subject to certain conditions, including regulatory approval.
The Company intends to use the net proceeds of the Offering to advance the feasibility study for the Company's Mt. Milligan Property, for the drilling program and the Berg Property and for working capital purposes.
The Offering is expected to close on or about June 11, 2007.
ABOUT THE COMPANY
Terrane Metals Corp. is an exploration and mine development company focused on the development of the Mt. Milligan gold-copper and Berg copper-molybdenum-silver projects in British Columbia, Canada. Goldcorp Inc. (GG: NYSE; G: TSX) owns a 70% equity interest in Terrane on a fully diluted basis.
TERRANE METALS CORP.
Signed "Robert Pease"
Robert Pease, P.Geo, FGAC
President and CEO
For Further information contact:
Ryan King, Investor Relations
(604) 681-9930 Phone
http://www.terranemetals.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements
Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements". Such forward-looking statements including but not limited to those with respect to the proposed use of proceeds anticipated to be raised by the financing involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Terrane to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the U.S. Securities Act of 1933. Any public offering of securities in the United States must be made by means of a prospectus that contains detailed information about the Company and its management, as well as financial statements. |
| |
| | You can view the Next News Releases item: Tue Jun 12, 2007, Terrane Metals Corp. Clarifies Disclosure
You can view the Previous News Releases item: Tue May 22, 2007, TERRANE METALS CORP. ANNOUNCES EQUITY FINANCING
You can return to the main News Releases page, or press the Back button on your browser.
|
| |
|
